Class reflection #5:

The difference between a good idea and a marketable product:


During this $200 dollar project, we have had many ideas that were bad. Unrealistic would be a nicer word. and it would be an understatement. They were unrealistic because they were based off of the mindset, "I hope people will want to buy this."
In my previous group, they wanted to sell Christmas cards. In my current group, we have been selling athletic socks. These ideas were not bad because of the ideas themselves, to be honest I could have created a better product. My idea involved food, not really original! However, calling Christmas words was fatally flawed. My evidence, there is barely a market for holiday cards in stores such as cvs. People simply do not need or want them . Moreover, even if we could sell as many as we want, we would still have a time limit until the last day before winter vacation. After that, it could be impossible to sell cards for a holiday that has passed.
In regards to the sale of athletic socks, I absolutely loved the idea. Our biggest issue was not the idea. The issue was price. At $15 per pair, they were not an item that could be marketed to the student body as a whole. Yes, we sold some. And yes, most of the pairs were sold to people we know.
The distributor/ manufacturer was charging $10  to produce one pair of socks, which does limit the ability to make a profit and sell...so we're still trying to sell.
Recounting these two failed ideas turned on a switch immediately. There is a difference between a good idea and sellable product. The difference is in the cost, appealability, price. If the cost to make is low, I can make a profit; however, appealability is also a huge indicator of whether an idea is sellable. It must have one of the two criteria, a want or need. If it has both qualities, then the product is a great idea and sellable product.